A uncommon non-public island off Palm Seashore, Fla., is in contract to promote for near $90 million, the most recent in a stream of big-ticket offers signed within the expensive space over the previous 12 months. Tarpon Island is accessible solely by bridge, boat, helicopter or seaplane. Its purchaser, South Florida developer Todd Michael Glaser, mentioned he plans to utterly renovate and broaden the first Thirties-era house on the island, practically doubling its footprint to about 22,000 sq. ft. He plans so as to add indoor and out of doors swimming pools, a fitness center, a tennis pavilion and a padel ball courtroom. (He mentioned the racket sport, which has similarities to squash, is turning into extremely standard with the jet set. Steve Wynn lately gained approval so as to add a courtroom to his Palm Seashore house, information present.)
The roughly 2½-acre island wasn’t publicly listed. Accessible by way of a small bridge that originates on the finish of a personal residential cul-de-sac with solely two different properties, it’s also unusually non-public. Mr. Glaser mentioned he spent greater than a 12 months attempting to persuade the house owners, William and Eileen Toll, to promote after he fell in love with the potential of the property. “Most individuals in Palm Seashore don’t even know this island exists,” he mentioned. The Tolls have owned the property for many years, information present. The deal is slated to shut in a couple of months, Mr. Glaser mentioned. “It’s traditional previous Palm Seashore glamour,” Mr. Glaser mentioned. “Think about attending a fundraiser there. You will have a wonderful time and then you definitely throw your examine in a little bit bucket as you go over the bridge in your method out.”
E-newsletter Signal-up Actual Property From aspirational residences to main business offers.
Jim McCann of Premier Property Properties is representing the sellers within the deal.
an agent on the identical firm, is representing Mr. Glaser’s firm. Ms. Frisbie mentioned she couldn’t consider one other non-public island within the space. “From a standpoint of shortage, it’s fairly scarce,” she mentioned, noting that Palm Seashore is going through a dramatic scarcity of high-end stock. Neither Mr. McCann nor the sellers might instantly be reached for remark. Mr. Glaser was additionally the latest purchaser of the late financier Jeffrey Epstein’s Palm Seashore house. He lately demolished the property and plans to construct a brand new home as an alternative, he mentioned. Write to Katherine Clarke at Katherine.Clarke@wsj.com
Copyright ©2020 Dow Jones & Firm, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8